IRDA Education

Hello sir I want buy the motor insurance from IRDA , consumer Education so can you please provide me the details of the same ??

[Rajkumar Agarwal]

As you want to buy the motor insurance from IRDA , consumer Education

Motor insurance gives protection to the automobile owner against

(i). damages to his/her vehicle and
(ii). pays for any Third Party Liability determined as per law against the owner of the vehicle.
Third Party Insurance is a constitutional requirement.

How to Buy Motor Insurance and From Whom:-

Insurance Intermediaries

Insurance is a complex creation representing a promise to compensate the insured or third party according to particular terms and conditions in the event of the occurrence of a covered contingency. In most insurance transactions there is regularly an intermediary - an insurance agent (individual or corporate) or an insurance broker.

Insurance intermediaries serve up as a bridge between consumers (seeking to buy insurance policies) and insurance companies (seeking to sell those policies).

Tips on dealing with Insurance Intermediaries:-

While dealing with Insurance Intermediaries, check out the following:

Ask for and check whether the person holds a suitable license and is authorized for the particular business. For example the mediator must be licensed to sell life insurance or general insurance or both (holding a composite license).

A referral always helps.

Check whether he or she has a good knowledge of various insurance products/policies
He or she must understand your needs and what you are seeking. Always make sure that you consider only products that you can afford. Beware of tall promises and over-selling tactics.

How to Buy Motor Insurance and From Whom




General Advice for Motor Insurance:-

When you make a decision to buy an insurance policy:

Check if the company selling the policy is registered with IRDA

Make sure you buy the policy through a authentic licensed agent or broker. Ask for an identity card or license

You can also buy policies from the company honestly

Read the policy brochure/ prospectus cautiously and get to know what the policy covers and does not cover